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I noticed an interesting trend in the market – cryptocurrencies are now moving in sync with tech stocks, not against them. Previously, Bitcoin often rose when stocks fell, but now the correlation between BTC and Nasdaq has become positive.
Alongside this, cryptocurrencies are losing their role as a hedge against gold declines. When gold drops, cryptocurrencies no longer increase as they used to. It seems investors now perceive it more as a risky asset than as an inflation hedge.
This could mean that cryptocurrencies are becoming more integrated into the overall asset market. It's interesting to observe how Bitcoin and altcoins' behavior is changing in this context. Maybe this is a temporary phase, or the market is truly overestimating the role of cryptocurrencies as an alternative asset.